There has been a lot of energy surrounding the approach of ICD-10, but it is time to replace the 30-year-old ICD-9 codes and improve the healthcare industry! All HIPAA-covered practices have to implement the new codes by October 1, 2015 which means that you and your staff should start training now in order to be prepared. While the much needed change can be scary, we want to encourage you to look forward to the new codes and the ways in which they will improve your claims management.
4 Reasons ICD-10 Will Help Claims Management in Your Practice
1. Better Care for Patients
ICD-10 includes an increased number of more specific codes which will help your practice better document each patient’s clinical information more accurately. More accurate patient information means that you’ll be able to better understand each patient and provide them the best care possible, which both you and your patients will be happy about.
2. Better Financial Status for Your Practice
You’re more than a practice, you’re a business, and finances are important. With more accurate documentation of care, you’ll be able to get more accurate reimbursements. In addition to getting better reimbursement, you’ll also decrease your audit risk exposure. More specific codes mean that those participating in Meaningful Use can relax a little more when getting audited.
3. It's Easier to Use
Once you get the hang of it, you’ll see that ICD-10 was created to make your life easier, not more difficult. Increased specificity of codes means that it will actually be easier to assign codes correctly. This means, fewer errors and fewer unpaid claims. Here's a quick breakdown of how ICD-9 and ICD-10 are different, and the level of detail that the new code set with provide making it easier to track medical history over time.
4. There are Tons of Resources Available to You
You’re not alone in the journey to the implementation date for ICD-10, and there are plenty or resources that will help you along the way. Here's a few that we think are great:
- The ICD-10 Transition: An Introduction
- Optometry EHR: ICD-10 Challenges You Might Face
- [Interactive Tool] Build an Action Plan to Get Started
- ICD-10 Frequently Asked Questions
Now that you understand how ICD-10 will help your practice with claims management, you can rest assured that these new codes are a good thing, and you can start preparing for October 1st.